Best Bitcoin Exchange for the Netherlands
Soon crypto exchanges in the Netherlands will need a license to offer their services. The Dutch central bank, De Nederlandsche Bank, wants to fight money laundering and the financing of terrorism with this regulatory measure.
As the Dutch daily De Telegraaf reported on 11 December, this authorisation requirement is intended to deter criminals who plan to launder money or finance terrorist activities. In order to obtain such a licence the crypto exchanges must report “unusual transactions”. In addition, the “know-your-customer” principle comes into force.
Cryptos and criminal machinations
In fact, it is not far-fetched that the use of crypto currencies is suitable for money laundering activities. One reported that over the past two years more than 88 million US dollars have been washed on 46 crypto exchanges worldwide.
One example is a sex advertising website, Backpage, which has washed millions of dollars over Bitcoin. In a 93-page federal indictment, the US Department of Justice accused the online sex market of money laundering. Other charges included conspiracy and facilitation of prostitution. In April 2018, the Justice Department closed Backpage when it became apparent that the company had been promoting underage prostitution and sex trafficking since its inception in 2004.
Cases such as these ensure that regulatory authorities who are very suspicious of anonymous (or pseudonymous) crypto currencies are confirmed.
How it really is
A few snowflakes don’t make winter yet and as Quebec’s scientific director, Rémi Quirion, points out, the criminal machinations with crypto currencies still make up a very small part. In April of this year, he published a report in which he concluded that Bitcoin was wrongly seen as the No. 1 contact point for money laundering and criminal activities. The facts do not support these allegations. That is what the report says:
“Bitcoin is not above the law, nor is it a magnet for illegal transactions: It makes up only a tiny part of the criminal money circulating on the planet. The reason: it’s less attractive to anyone who wants to leave transactions without a trace.”
Numerous studies have already come to the same conclusions this year. As we also reported, the South Korean Financial Information Unit (FIU) only announced at the end of November that terrorists are still using traditional banking channels or cash. Bitcoin & Co. are virtually no alternative for criminals. The US Congress and Europol have also come to these conclusions.
The reasoning of the Dutch central bank for crypto-regulation thus shows that assumptions and speculations are so firmly anchored here that they cannot even eliminate their multiple weakening.
The Dutch economy is mainly concentrated in the secondary (industry) and tertiary (services) sectors.
The core elements of the Dutch economy are traditionally trade and distribution. Fishing and seafaring form the historical basis for the development of foreign trade and industry. In keeping with its history as a trading nation, the country has developed into Europe’s distribution hub. The Netherlands has been a member of the European Union since 1952 and is also a member of the Benelux Community, NATO and the United Nations.
The key economic data from 2009 are as follows:
- GDP (gross domestic product): 569 billion euros
- GDP per capita: 34.788 Euro
- Economic growth: -4 percent
- Unemployment: 420,000 unemployed = 5.5 percent
- Inflation rate: 1.2 percent
The Dutch planning office (Centraal Planbureau, CPB) expects GDP to grow slightly by 1.5 percent in 2010. Unemployment stood at 5.7 percent in February 2010 and is expected to rise further to 6.5 percent according to analysts. In March 2010, the inflation rate was 1 per cent, a slight improvement on 2009 at 1.2 per cent.
The Netherlands is one of the most densely populated countries in Europe. The population is concentrated in the Randstad, the area between the western cities of Amsterdam, Rotterdam, Utrecht and The Hague. The conditions for Randstad as a motor for the Dutch economy are very good: many goods delivered by sea are transported to the European hinterland via the two major ports of Rotterdam (cargo handling 2009: 385 million tonnes) and Amsterdam (cargo handling 2009: 73 million tonnes). At the same time, the capital Amsterdam is home to Schiphol Airport, one of the largest international airports. In 2009, Schiphol was the fifth largest cargo airport in Europe with a cargo volume of approx. 1.3 million tonnes and 44 million passengers. In addition to large transshipment hubs, the Netherlands has an efficient infrastructure, a highly qualified workforce, business-friendly approval procedures and a favourable legal framework.
The Netherlands has a well-developed road network. For example, the country’s motorway network is one of the densest and best developed in the world. This is also true for the rail network, which covers the whole country. However, the Netherlands is particularly favourable for shipping. Firstly, the country lies at several large river mouths (Rhine or Waal, Maas, Lek, Schelde) and also has a well-developed canal network, which can also be navigated by larger ships. For trams, buses and some regional rail connections there is a nationwide zone tariff system (Nationale vervoerbewijzen NVB). The bicycle, called fiets, still plays an important role in passenger transport. The flat country benefits from this.
Germany is the Netherlands’ most important trading partner. About a quarter of all Dutch exports (including re-exports) go to Germany. With a turnover of 157.3 billion euros (2012) in bilateral foreign trade, the supposedly small Netherlands is second only to France among the German partner countries. This is divided into 70.8 billion euros for exports to the Netherlands and 86.5 billion euros for imports from the Netherlands. This makes the Federal Republic of Germany the most important exporter to the Netherlands.
Economic developments in Germany therefore have a major impact on the Netherlands. Dutch exports react quickly to economic fluctuations in the neighbouring country.
The Netherlands exports mainly food, flowers, machinery, chemical products and natural gas. Fruit and cereals, oil and vehicles are imported. The Netherlands has a positive trade balance in 2016, which means that exports exceed the value of imported products by almost 50 billion euros.